Telecom Operators Bid Rs 11,000 Crore on Spectrum Auction's First Day

On the first day of the spectrum auction, telecom operators placed bids worth Rs 11,000 crore across five rounds. Over 10,500 Mhz spectrum valued at Rs 96,238 crore is up for grabs. Major participants include Reliance Jio, Bharti Airtel, and Vodafone Idea, with Reliance Jio depositing the highest earnest money.

In a significant move in the telecommunications sector, telecom operators laid down bids totaling Rs 11,000 crore on the first day of the spectrum auction, sources reveal. The auction saw five rounds of heated bidding.

The government has made available over 10,500 Mhz spectrum with a total valuation of Rs 96,238 crore. Bidding activity was notably strong in the 900 and 1800 Mhz bands, according to the latest report from the Department of Telecom.

Leading the charge in this high-stakes auction are Reliance Jio, Bharti Airtel, and Vodafone Idea. Reliance Jio has shown the most aggressive stance by depositing the highest earnest money of Rs 3,000 crore, positioning itself to acquire the maximum amount of radiowaves. Bharti Airtel and Vodafone Idea have put down earnest money deposits of Rs 1,050 crore and Rs 300 crore, respectively. The auction proceedings will continue on Wednesday.

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